UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10041
JNL Investors Series Trust
(Exact name of registrant as specified in charter)
1 Corporate Way, Lansing, MI 48951
(Address of principal executive offices) (Zip code)
Susan S. Rhee, Esq.
Jackson National Asset Management, LLC
1 Corporate Way
Lansing, MI 48951
(Name and address of agent for service)
Registrant's telephone number, including area code: 517 381-5500
Date of fiscal year end: December 31
Date of reporting period: December 31, 2004
Item 1. Report to Shareholders.
There is no Report to Shareholders since the Registrant has not commenced
operation, but has been funded with seed money.
Item 2. Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a
code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions. A copy of this code of
ethics is filed as an exhibit to this Form N-CSR. Amendments were approved in
order to comply with the amendments of Rule 17j-1. No waivers were granted to
this code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The Registrant does not have a Financial Expert on its Board. The Registrant has
has not commenced operations.
Item 4. Principal Accountant Fees and Services.
(a)-(d)
KPMG billed the Company aggregate fees for professional services rendered for
the fiscal years ending December 31, 2004, and December 31, 2003, as follows:
2004
Company Audit Fees Audit-Related Fees Tax Fees All Other Fees Total Fees
JNL Investors Series Trust $ N/A $ N/A $ N/A $ N/A $ N/A
2003
Company Audit Fees Audit-Related Fees Tax Fees All Other Fees Total Fees
JNL Investors Series Trust $ N/A $ N/A $ N/A $ N/A $ N/A
(e)(1) The Audit Committee is authorized to pre-approve non-audit services
provided by the Fund's auditors, if they find it appropriate in light of their
fiduciary duties and in the exercise of their good faith business judgment and
compatible with the auditors' independence. The Chairman of the Audit Committee
is authorized to approve audit and non-audit services for newly established
funds of the Fund on the same terms as the full Audit Committee previously had
approved for the then existing funds.
(e)(2) None
(f) 0%
(g) KPMG was paid $27,600 for 2004 and $26,523 for 2003 to perform an
internal control review pursuant to SAS No. 70 related to JNAM's fund accounting
procedures. For the fiscal years ended December 31, 2003 and December 31, 2004,
KPMG did not provide any other non-audit services to JNAM and its affiliates
that provide ongoing services to the Company, other then the SAS 70.
(h) The Audit Committee pre-approved the SAS No. 70 review described above when
the Audit Committee approved KPMG as Auditors for fiscal years 2004 and 2003,
and did not find provision of these services to be incompatible with maintaining
the auditors independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable as this is not a listed issuer as defined in Rule 10A-3 under the
Exchange Act.
Item 6. Schedule of Investments
There is no Schedule of Investments since the Registrant has not commenced
operation, but has been funded with seed money.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable as this is an Open-End Management Investment Company.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable as this is an Open-End Management Investment Company.
Item 9. Purchases of Equity Securties by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable as this is an Open-End Management Investment Company.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable since the Registrant has not yet commenced operation.
Item 11. Controls and Procedures.
(a) In order to ensure that the information that we must disclose in our
filings with the Securities and Exchange Commission is recorded, processed,
summarized and reported on a timely basis, we have adopted disclosure controls
and procedures. Our President and Chief Executive Officer, Robert A. Fritts, and
our Chief Financial Officer, Mark D. Nerud, have reviewed and evaluated our
disclosure controls and procedures as of February 24, 2005, and have concluded
that our disclosure controls and procedures are effective.
(b) There was no change in our internal control over financial reporting
during our last fiscal half-year that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
Item 12. Exhibits
a. (1) The Registrant's code of ethics pursuant to Item 2 of Form N-CSR
is attached.
(2) The certifications required by Rule 30a-2 of the Investment
Company Act of 1940, as amended, are attached hereto.
(3) Not Applicable.
b. (1)The certification required by Rule 30a-2(b) fo the Investment
Company Act of 1940, as amended, and Section 906 of the
Sarbanes-Oxley Act of 2002, is attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, as amended, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized
in the City of Lansing and State of Michigan, on the 4th day of March, 2005.
JNL Investors Series Trust
(Registrant)
By: /s/ Robert A. Fritts
------------------------------
Robert A. Fritts, President
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, as amended, this report has been signed below by
the following persons on behalf of the registrant and in the capacities and on
the dates indicated.
Signature Title Date
/s/ Robert A. Fritts President March 4, 2005
- -----------------------------
Robert A. Fritts
/s/ Mark D. Nerud Chief Financial Officer March 4, 2005
- -----------------------------
Mark D. Nerud
EXHIBIT LIST
Exhibit 12(a)(1) Registrant's Code of Ethics.
Exhibit 12(a)(2) Certification of the Principal Executive Officer
required by Rule 30a-2(a) under the Act.
Certification of the Principal Financial Officer
required by Rule 30a-2(a) under the Act.
Exhibit 12(b)(1) Certification required by Rule 30a-2(b) under the Act.